Warren Buffet and Donald Trump are Now Bed Fellows

Discussion in 'Crypto Assets' started by schizo, Feb 23, 2024.

  1. schizo


    Warren Buffett’s Berkshire Hathaway Makes a $1 Billion Move On This Crypto Stock
    Feb. 23rd, 2024

    [​IMG] coingape.com (Click for full article)

    The well-known skeptic of Bitcoin, Warren Buffett, always finds an opportunity to publicize his opinion against the crypto industry. With an extremely negative stance, Buffet has rejected buying Bitcoin even on the days when BTC was priced at $15,000 in 2018.

    Expecting a doomsday, Buffet said, “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” in 2018. However, not every follower of Buffet likes to follow his rule. Even though his dislikes are public knowledge, his holding company, Berkshire Hathaway, takes a different approach. We are talking about Nu Holdings (NYSE: NU). After the initial investment of $500m for the leading Latin American digital-first Nubank in 2021, Buffet or one of his advisors has increased its stake to $1bn.

    Trump's Bitcoin U-Turn: Ex-President Shares New Take
    Feb. 22nd, 2024

    [​IMG] bitcoinist.com (Click for full article)

    In a Wednesday television interview on Fox News’ “The Ingraham Angle,” former US President Donald Trump has articulated a more open stance towards Bitcoin, signaling a potential shift in his previously critical stance.. When asked by host Laura Ingraham about his views on the popular digital currency, Trump acknowledged the growing trend of BTC adoption, despite maintaining his preference for the US dollar.

    Trump’s response to Ingraham’s inquiry was nuanced, acknowledging the burgeoning interest in Bitcoin. “Well, a lot of people are doing it. I always liked one currency, I could call it a currency. I liked the dollar. But a lot of people are doing it.”

    He further stated, “And frankly, it’s taken on a life of its own, you probably have to do some regulation, as you know. But many people are embracing it. And more and more, I’m seeing people wanting to pay [with] Bitcoin. You’re seeing something that’s interesting. So I can live with it one way or the other. I’ve always liked one really powerful thing. And that’s called the dollar.”

    This commentary is particularly noteworthy when contrasted with Trump’s historical stance on digital currencies. As president in 2019, Trump was overly critical of BTC and other cryptocurrencies, dismissing them as not genuine money and criticizing their volatility and basis “on thin air.

    Moreover, his administration was known for its efforts to block the approval of spot Bitcoin ETF applications and attempts to outlaw self-hosted wallets, citing concerns over cryptocurrencies being used to facilitate illegal activities.
    murray t turtle, Tokenz and Quanto like this.
  2. newwurldmn


    Nu bank is a proper bank. Not a crypto bank like coin base.
  3. People are making Trump's anti-bitcoin stance far more exaggerated than it is. This is for headlines and click-bait. This stems back from when his government was very cautious about Mark Shitterberg's crypto project (and for good reason). We are lucky the gov stepped in there at that time and prevented this disaster.

    Not only does Shitterberg's shitty platform restrict freedom of speech, but it would have had the power to control and block everyone's financials as well.

    History has shown this always ends terribly.

    Also, the media has exaggerated Jamie Dimon's anti-crypto views too. Jamie is not against blockchain, and has mentioned this multiple times. He, however, considers 'Bitcoin' to be a flavour that he puts on par with a pet-rock.

    Now, as for someone who really was anti-cryto in general... Munger was so smug he was going to out-live Bitcoin. Look what happened there, lol.
    smallfil likes this.
  4. schizo


    From the same article:

    Nu Bank Offers Bitcoin And More
    Amongst multiple innovative products is Nucripto, which was launched in 2022 and empowers users to trade in various cryptocurrencies, including Bitcoin and Ethereum. Within its debut month, Nucripto attracted over a million active users.

    This strategic positioning not only highlights Nubank’s competitive edge but also Berkshire Hathaway’s foresight in recognizing the potential of digital banking and cryptocurrency services in transforming the financial industry.

    Despite its primary revenue still stemming from conventional financial products, Nubank’s foray into the cryptocurrency space marks it as a key player in Latin America’s digital currency market. The introduction of its own digital currency, Nucoin, alongside the inclusion of cryptocurrencies like Polkadot and Avalanche, underscores its growing influence in the region.
  5. newwurldmn


    I doubt Berkshire is burning nu bank for its digital coin business. I think the author is trying to make a point even he knows is stretched.
  6. schizo


    Well, considering that Bitcoin ETFs just got rubber stamped, why wouldn't he?
  7. newwurldmn


    because he’s anti-bitcoin and he’s pretty consistent with what he says and what he does.

    that doesn’t mean he won’t invest in a company that does crypto but I don’t think he will invest in a business bexause it does crypto.

    even the article you cited said most of nu banks business is traditional finance.
    murray t turtle likes this.
  8. schizo


    Like when Buffett said he wasn't interested in technology stocks, only to become the third largest institutional shareholder of Apple stock? You know, people actually do change their minds. I don't see why Buffett can't change his views on Crypto either.

    I personally think Berkshire invested in NuBank because of their exposure to Bitcoin. They're looking out into the future and saw its potential.
  9. newwurldmn


    He explained his investment in apple and why he missed Amazon and google and why he changed his mind.

    he hasn’t stated as such with respect to his investment in nu bank.

    his latest investor letter came out and he has said nothing about bitcoin.
    murray t turtle likes this.
  10. NoahA


    If you embrace Bitcoin, you have to doubt the values of everything else. You can't be pro Bitcoin and pro banks. You can't be pro Bitcoin and think real estate will go up. If the financial system is broken and Bitcoin can fix it, then you have to distance yourself from the financial system. If you think Bitcoin will win, then you have to acknowledge government will greatly decrease in size and power
    #10     Feb 25, 2024
    murray t turtle likes this.